I dont think it is, which I agree is stupid. Like Railcards, you need some form of valid ID like a passport or drivers license, which is just like the 11-15 Oyster Photocard.
So basically you provide valid information (such as your passport) which should then make the Oyster Photocard a form of ID. But it's not, so you can't. If you need ID and don't want to take your passport around with you, just photocopy your passport. Alot of places accepted photocopies of passports as valid ID.