A patch may work but you'd need to ensure its sealed properly to prevent the water getting in under the felt. Best way I can think is to get a patch a little bigger than the hole then put it under the existing roof felt so that it'll give a better seal.
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Ah, I thought it was lower down. In that case it may be easier just to replace the roof felt as a whole.The trouble is you would have to undo the bit that goes across the apex to tuck another piece under. I am not sure if you can undo it and then renail it.
Good luck! I'd offer to do it (me and the OH make a great shed-erection team!) but I can't fit in a trip to IOW this side of Christmas :thumb:
Roofing felt is much easier to deal with when it's warm - so if you can store it somewhere inside the night before, it will roll out better with less risk of cracking or tearing. Doing the job
right rather than just a patch will always be a better result, and may make it more appealing to a buyer in Spring (even if they will have to redo it). At least you can get a good pic when it's done and the inside will stay dry.