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Default Offset delivers value error with Named range

I have a local named range called 'MyGrid'. It is a single contiguous
range.

I want to pick members of that grid using

=OFFSET(MyGrid, 0, 0, X, Y) where X & Y are worksheet references to
cells that provide the OffSet value.

This formula delivers a #VALUE error when pasted over a 2 dimensional
range.

Is my syntax incorrect?

 
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