Looks like a saponified blend of beeswax with (possibly) olive or castor oil. The color is wrong for neatsfoot oil. I played around with some lye soap/beeswax blends but it was more trouble than it was worth. Never thought about using lye soap as a saponification agent, but can't see any reason why the "right" soap wouldn't work. Figuring out the "right" soap could be a problem (recipes and results tend to vary a bit).
You could probably get similar results with some variation of this recipe:
-2 ounces beeswax
-1.5 ounces olive oil (or your preferred vegetable oil--castor oil showed promise, but don't breathe the fumes when heating it!). If you want to try it with mineral oil, try "Mineral Oil USP" from the local pharmacy: it will give you a consistent product while you are experimenting.
-1 ounce Murphy's Oil Soap (the liquid soap)
Melt the beeswax in a double boiler. When liquefied, stir in your oil (and keep stirring til it is again a liquid; when you add the oil some of the wax will clump, and for this to work you want it well-blended and at an even temp). Slowly stir in the Murphy's, and keep stirring until it is well-blended and (again) completely liquid. It is going to foam due to the water in the Murphy's; just keep stirring the foam back in. Pour into your container while still liquid, let it cool til the next day.
This recipe may be too runny for your conditions (I was trying for a cold-weather match lube). To stiffen it up, you can reduce the quantity of oil added: 1 ounce of oil should give a relatively "stiff" blend (worked ok in summertime, but a total fail in hunting season).
Eventually, I realized for my purposes a straight oil worked better.