I'm thinking that this isn't a stencil but a screen print done directly onto the street. There are no islands and it's super clean. Found near Farringdon, London. 

All photographs copyright artofthestate 2004

D*Face balloon dog junction box

STICKER GRAFFITI Galleries
1 2

SPRAY CAN Galleries
1 2 3 4 5

TEXT / FREEHAND Galleries
1 2

POSTER Thumbnails
1 2

STREET SCULPTURE 

GRAFFITI scenes
graffiti signs, cans etc.

GRAFFITI books / DVD's reviews

FEATURED GRAF ARTISTS
adam neate /  arofish / banksy / dface / eine / faile / space invaders / the london police / the toasters / zef