Here's something for you all - my suggestion would be to double, or even quadruple the recipe - you'll use it I promise)

Ingredients
80ml Olive Oil
10g Beeswax
5g Cocoa butter
1/2 tsp glycerine (can buy this in health food shops, cake decorating stores and maybe even some supermarkets)

Ok and here are the conversions
80ml = 2.81 fl oz
10g = 0.35oz
5g = 0.17oz

Method
Mix all together over low heat until combined, take off the heat and keep stirring until it is cold and changed colour - it shouldn't harden completely just go opaque...

Now for the fun bit - add whatever you want, you can add colouring, essential oils, even glitter if you want, just do it 1 drop at a time until you are happy with the smell or colour ...

Put into little lip balm bottles (most chemists or $2 shops have them down here) and use or give away, remember to label the container with the date of manufacture and keep a record of what you put in so you can make it again the same in future or try something different

Additional
Now cause I have access to herbal tinctures I add some other bits and pieces to mine - things like Hypericum (St Johns Wort), Calendula (Marigold), Paw Paw (Papaya) etc whatever matches if I'm making a specific type of balm for a specific reason...