Obenauf leather oil - that's the one!
In that case, it's yearling leather and I would certainly try the leather oil first and see how it goes.
If you're looking to really protect the leather and well nigh waterproof it, you could slap some LP on afterwards.
Obenaufs recommends the leather oil first in order to nourish and condition the leather anyway.
Be aware that if you use the LP, it will almost certainly darken the chestnut colour to something almost black.