Working out the parallel capacitance, C1
C2, (27*27)/(27+27) = 13.5pF
Assuming that the coil, L has an inductance of 0.2uH then:
This puts the frequency of oscillation in the middle of the UK FM Band (87.5 - 108 MHz). If an inductor with a core is used, then the oscillator can be tuned by moving the core. If an air spaced core is used, then tuning is achieved by physically squeezing or separating the turns.