A default install of Ubuntu 12.04.3 x64 doesn't enable the firewall by default. However if you enabled it, yes you will need to open the port.
A simple way to open the port is with the `ufw` command, as root type:
ufw allow 1023/tcp
To check the status of the firewall you can either of the following commands (as root):
If your unable to access your VPS instance you will need to log into the portal, select the droplet and use the Console Access option.