In what way is it damaged, and how badly?
Oilstones, like most sharpening stones (water, ceramic diamond) are usually used to hone the edge (unless the stone is very coarse indeed) whereas reshaping is usually carried out on a grindstone.
So yes, it is possible, but it may not be the ideal way to do it, depending on the nature and degree of the damage.
Can you post a pic? That would help.
S