No not really because you are not treating the entry point of the leak just the exit.You would really need to get on the flat roof and dry the leaking area to apply some bituminous roof repair compound or similar.
Bitumin only works for a while. Time to replace with a better quality! Also if flat roof will probably sag in places leading to puddles. I would use levelling compound, before felting, to put a slight slope.
there is a very good product out now called Flexacryl that comes in a tin and can be applied to damp or even wet surfaces. I have used this a fair bit without any call backs over the past 12 - 18 months. Well worth a try.
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