Looks very similar to Diggory Hadeokes on Vintage Guns. Produces a good finish, which I have used.
However go to a good Artshop and buy some best quality boiled Linseed oil.
Use some to make a red oil with Alkanut Root - the longer you leave it the better - use red oil if you want to add a reddish colour to the wood and bring out the contrast.
Finish the wood to c 320 grit paper. Raise the grain - with a damp cloth, and whisker it off with sharp 320 paper. Do this a couple of times.
Then start oiling. Use the red oil first. Apply it liberally and let it soak in for an hour. Apply some more and then take fine wet and dry paper- preferably the red garnet paper rather than the grey coloured and use this to rub in the oil. It should form a slurry of oil and saw dust and you want to push this into the grain. Let it set up gir a few hours. The buff it off with a course cloth. And repeat.
Once you have desired depth of colour switch to clear linseed oil. Keep sanding in the coats till the grain is filled.
Then just apply oil, let it go tacky, polish off and repeat. After a period leave the stock for longer after polishing.
If you are using oils with waxes and varnishes in there you may get a skin forming on the surface. That’s fine. But grind it back with 600 grit paper, or even 1000 grit with oil to lubricate. Fine Talcum powder or jewellers rouge can also be used. Take it back to the top of the wood. Wipe it clean and then leave to harden.
Oil finishes take time. They are not hard to do. In the first two or three months they do feel quite green and soft, but after a few months of occasional oiling and then polishing they get a wonderful luster to them.
I have found that a pair of well worn old jeans provides the ideal cloth for the early polishing. It has enough bite to cut the top surface. I finish off with yellow dusters. Plenty of elbow grease helps.
Diggory Hadoke provides recipes and instruction for making gun stock oils.
www.vintageguns.co.uk
Edit / ps. Choice of oil does depend on the wood. With open pores you do want something a bit thicker than fine linseed oil. If you have some traditional yacht varnish (not polyurethane but traditional tung oil based) add a teaspoonful or two to a some oil and add a bit of turps as well and use this to build up and then grind off using fine paper or oil/ cup grease mixed with pumice or talc powder- This is an old short cut.